Forgery activities will now be stopped with the help of blockchain technology. As per the report, the European Union plans to build a powerful system using NFTs to fight counterfeiting activities by making digital twins of a single product so it can be traced across the supply lines.
European officials to use blockchain technology
In a recent interview, European officials revealed that they have been working on a system for a while which will use blockchain technology and NFTs to fight against the forgery activities of physical items within their country.
The EUIPO has taken responsibility for designing the system, and it is considered to be the result of hundreds of meetings and years of hard work. A document was also released this month stating that the officials have already determined a powerful blockchain architecture for the system and also described how it would work and fight against the problem.
The IP will play the main role in this project as they would be the ones who would create two NFTs to ensure the physical goods and products released are authentic. And these IP holders will get added as the approved signatories to make those products traceable across the supply lines. It will also help them to determine whether the products that reached their stores are genuine.
Implementation of the software
As per the reports, the system built by the officials is hoped to roll out by the following year’s end. However, it will require the registration system to bring all IP holders in one place to achieve this objective. It will be very difficult for them to do so and require a good amount of investment.
And in case the officials bring this system to work in the country by the end of the coming year, then it would be the first official blockchain application that will be used on such a large scale. However, this technology was used beforehand when Vechain corporated with Orionone, with the mission of integrating the blockchain into the working techs.
What are your thoughts as the European Union plans to use NFTs to fight against forgery activities within their country? Will it be a success for them? Let me know in the comments below. And, if you found our content informative, then do share it with your friends.
Also Read: BUSD trading volume jumped 70% after Binance’s announcement.